Through the course of a marriage, one or both spouses could amass significant property. Georgia remains an “equitable distribution” state regarding the division of property. Spouses may choose to negotiate the terms of the divorce, and such terms may involve mutual agreements to divvy property. When settling and splitting assets, spouses benefit from learning about common mistakes to avoid.
Preventing financial problems during the divorce process
Things may or may not move smoothly for some couples working out their divorce agreement. Both spouses might argue over who receives a primary home. Focusing too much on the property and not the related expenses might create trouble for the person unable to afford the costs. One spouse may handle real estate tax payments while the other is unfamiliar with the amount. Not knowing all the tax liabilities with a particular asset could haunt someone who ends up procuring the property. Taking money out of a 401(k), for example, might lead to unexpected tax woes.
Also, some assets may suffer depreciation. Is it worth arguing about owning something that may end up being almost worthless in time? There’s nothing inherently wrong with sentimental value, but a spouse may wish to look at the overall fiscal picture.
Other financial matters to consider
Divesting from a business might be the best strategy. Negotiating a reasonable buyout might be in the best interests of all parties. A spouse that served as a silent partner the majority of the time may find a buyout preferable.
Child support and spousal maintenance might address many expenses post-divorce. Seeking the wrong monthly amount could prove more than problematic.
A divorce attorney may advise a client on the best way to deal with dividing assets. The attorney could handle the negotiations and seek to arrive at an agreeable result for a client.